Facebook IPO: Shareholders Looking to Cash Out More

Facebook’s newer, richer valuation has led to a wave of current investors selling millions more.

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In an updated filing, Facebook increased the number of shares it will offer in the IPO to 421.2 million from 337.4 million. The increase comes from individual shareholders looking to cash out a greater number of shares. The company itself is not selling any additional shares.

While Mark Zuckerberg himself isn’t selling more shares, the investors that have agreed to vote their shares with him are, meaning his control over the company has dipped slightly. He will now have voting control of just 55.8% down from 57.3%.

Facebook yesterday increased its price range to $34 to $38 a share, and the offering could now raise as much as $18.4 billion if the whole overallotment is sold.